Dive Brief:
- Miu Miu reclaimed its no. 1 position on Lyst Index’s first quarterly report of 2024, released last week.
- Prada slipped to second place after topping the list last quarter, while Loewe came in third for the second quarter in a row. Prada and Miu Miu have shared the top two spots on the index in recent quarters. Saint Laurent entered the top five for the first time, while Alaïa made its debut on the list at 19th place.
- Searches for Miu Miu increased 8% in Q1 2024, per the report. Three of the brand’s products were among the top 10 hottest of the quarter, a first for any brand included in the index. Lyst credited Miu Miu’s popularity to its “viral products,” including the quarter’s most popular product, its sneaker collaboration with New Balance, which sold out in hours online.
Dive Insight:
Miu Miu retail sales in Q1 were up 89% year over year, and helped drive an 11% increase in Prada Group earnings for the period, according to the company’s latest earnings release. In that report, the company credited the brand’s footwear partnerships and runway shows for driving consumer interest, and Lyst’s ranking appears to confirm that.
“Miu Miu is outperforming the market, delivering brand heat plus cultural weight that sets it apart in the eyes of the fashion shopper,” Lyst wrote in the report. The brand also saw an 88% spike in searches by men in Q1.
Leadership changes seemed to drive searches, according to the report. The week that Valentino named Alessandro Michele as its new creative director, searches for that brand spiked 84%. Gucci, which appointed a new creative director, Sabato de Sarno, in early 2023, saw a 10% increase in searches after de Sarno presented his second collection in February, although the popularity hasn’t translated into revenue for parent company Kering. Searches for designer Dries Van Noten’s eponymous label increased 31% in the quarter, coinciding with Van Noten’s announcement that he would step down as designer.
Alaïa’s debut in the top 20 was accompanied by a 49% increase in searches, driven by its often sold-out, crystal-studded Mary Janes, which were the fourth most popular product in the index this quarter. The shoes caused a halo effect in the shoe category, driving searches for embellished flats up 43%, per the report.
Balenciaga rose up the rankings the fastest, jumping from 12th to ninth place, thanks to highlights such as the introduction of its Rodeo bag, the sixth hottest product on the list, and its Released Closet campaign starring Kim Kardashian and Paloma Elsesser, per the report.
Celebrities also drove searches. Rick Owens’ prong dress, the eighth hottest product on the list, got a boost in popularity when it was worn in January by Skims founder Kardashian.
Area saw a 284% spike in searches this quarter, possibly due to Taylor Swift wearing the brand’s crystal-slit jeans at the Super Bowl in February, according to the report. Area was one of the fastest-rising brands this quarter, although it did not make the top-20 list.
Lyst ranks fashion’s top 20 brands and products based on shopping behavior over a three-month period, and has been reporting on trends since 2018. The fashion technology company and shopping app uses multiple criteria to determine positioning, including social media mentions, consumer searches both on and off its platform, product views and sales, and activity and engagement statistics worldwide.
